Blue box reversal criteria:
- Previous resistance becomes support
- Fibonacci retracement 38%
- 4H EMA 200
- Daily EMA 100
- Historic trendline (sadly not so significant)
- Round number 1.67000
EURNZD is on a short-term uptrend but fundamentally a bit mixed signs. Also, the drop from the top has been too sharp, better would be a bit smoother downwards movements...
The main event on the foreign exchange market yesterday was the announcement of the outcome of the Bank of Canada meeting. For the fourth time, the Central Bank did not raise the rate. The decision is predictable and has been accounted for in the Canadian dollar price. But what was not considered? The fact that the Bank of Canada completely removed the mention of...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.118.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.119.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
While the price is below the resistance 1.1500, beginning of downtrend is expected.
We make sure when the support at 1.1320 breaks.
If the resistance at 1.1500 is broken, the short-term forecast -beginning of downtrend- will be invalid.
A peak is formed in daily chart at 1.1475 on 04/23/2019, so more losses to support(s)...
On the monetary side, Fed taking the spotlight so let’s start digging into the details…
Expecting the Fed to lower the “dots” signalling one hike in 2019 … a “one and done” approach. June seems unlikely now as the Fed has started to focus on inflation to keep equity markets happy.
My base case is for a hike in December meaning the dollar looks underpriced at...
The price has again approached the 1.1175 - 1.1185 Support Zone on 1D, which is a Channel Down (RSI = 41.503, MACD = -0.002, Highs/Lows = -0.0025). Since however this Support Zone has rejected any bearish break out twice already since March 7th (on a 1W time frame 1.1215 has been supporting since November 12th), we will consider shorting any further only if this...
Euro dollar is approaching major structure support.
Rejection candle indicates strong bullish pressure around this area.
Oversold rsi with divergence shows bear exhaustion.
Wait and buy bullish breakout of a falling channel.
Initial target 1.125
The removal of 2019 hikes is worth highlighting because it does not fully support the story we are being told from macro data meaning the bar is set high for any further hikes. History tells us it’s very unusual for the Fed to pause for a long time in hiking cycles before resuming meaning this is likely the end of hikes in the cycle. See tradingview for a more...